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Nuchev Pty Ltd (AU:NUC)
ASX:NUC
Australian Market

Nuchev Pty Ltd (NUC) AI Stock Analysis

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AU:NUC

Nuchev Pty Ltd

(Sydney:NUC)

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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
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Underperform 40 (OpenAI - 5.2)
Rating:40Underperform
Price Target:
AU$0.12
▲(3.33% Upside)
Action:DowngradedDate:03/10/26
The score is weighed down primarily by weak financial performance—ongoing losses and negative operating/free cash flow—despite strong revenue growth and low leverage. Technical indicators also remain bearish with the stock trading below key moving averages and negative MACD. Valuation is difficult to support due to negative earnings and no dividend yield data.
Positive Factors
Revenue Growth
High year-over-year revenue growth (45.28%) indicates robust product demand and expanding distribution. Sustained top-line expansion over the next 2-6 months can deliver scale benefits, improve fixed-cost absorption, and provide room to invest in marketing, R&D and margin improvement initiatives.
Balance Sheet Strength
Conservative leverage and a low debt-to-equity ratio give the company durable financial flexibility to fund growth, withstand industry volatility, and avoid high interest burdens. This reduces refinancing risk and supports longer-term strategic investments without immediate pressure to raise costly capital.
Niche Product & Channels
A differentiated product niche (goat milk infant nutrition) combined with multi-channel distribution—domestic retail, D2C e-commerce and international export partners—supports diversified revenue streams, broader market access and durable brand positioning versus single-channel peers.
Negative Factors
Profitability
Persistent negative EBIT and net income show the company has not converted sales into operating profit. Continued unprofitability constrains reinvestment, forces reliance on external capital, and raises the risk that scale will not translate into sustainable margins over the medium term.
Cash Flow Deficit
Negative operating and free cash flows mean the business is not self-funding its growth or working capital needs. That increases dependence on equity or debt financing, risks dilution or higher financing costs, and limits the company's ability to invest in inventory, marketing, or international expansion.
Return on Equity
A negative ROE signals structural inefficiency in converting invested capital into shareholder returns. Over time, sustained negative ROE can make capital raising more costly, deter long-term investors, and indicate deeper operational or margin issues that must be resolved to create shareholder value.

Nuchev Pty Ltd (NUC) vs. iShares MSCI Australia ETF (EWA)

Nuchev Pty Ltd Business Overview & Revenue Model

Company DescriptionNuchev Limited, a health and nutrition solutions company, produces, markets, and sells goat milk-based infant formula and nutritional products to consumers in Australia, China, and Vietnam. The company provides toddler nutrition, goat nutritional powder, and health and well-being products under the Oli6 brand. It offers its products through retailers and e-commerce platforms. Nuchev Limited was founded in 2013 and is headquartered in Melbourne, Australia.
How the Company Makes MoneyNuchev makes money primarily by selling its branded nutrition products (most notably goat milk–based infant formula and children’s nutrition products) to customers via (1) domestic retailers and pharmacies, (2) e-commerce/direct-to-consumer channels, and (3) international/export channels through distributors and retail partners. Revenue is recognized from product sales, typically on a wholesale basis when selling into retailers/distributors and on a retail basis for direct online sales. Key earnings drivers generally include sales volume (units shipped), product mix (e.g., infant formula versus other nutrition lines), pricing and promotional activity, channel mix (higher-margin direct sales versus wholesale), and the breadth/strength of distribution partnerships that enable access to new retail doors and export markets. Specific details on margins by channel, named major partners, or the exact split of revenue by geography/channel are null.

Nuchev Pty Ltd Financial Statement Overview

Summary
Despite strong revenue growth (45.28%), profitability is weak with negative EBIT and net income, and cash flow is pressured by negative operating and free cash flows. Balance sheet leverage is conservative, but negative ROE underscores continued value-creation challenges.
Income Statement
35
Negative
Nuchev Pty Ltd has shown significant revenue growth of 45.28% in the latest year, indicating strong sales momentum. However, the company is struggling with profitability, as evidenced by negative net profit margins and EBIT margins. The gross profit margin is moderate, but the persistent negative EBIT and net income highlight ongoing operational challenges.
Balance Sheet
40
Negative
The company's debt-to-equity ratio is low, suggesting conservative leverage. However, the return on equity is negative, reflecting the company's inability to generate profits from its equity base. The equity ratio is relatively stable, indicating a solid asset base, but the negative ROE is a concern for investors.
Cash Flow
30
Negative
Nuchev Pty Ltd's cash flow situation is challenging, with negative operating and free cash flows. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is unfavorable, indicating cash flow issues. The company needs to improve its cash generation to support its operations and growth.
BreakdownTTMJun 2025Jun 2024Jun 2023Jun 2022Jun 2021
Income Statement
Total Revenue24.27M22.94M11.34M8.79M9.72M10.90M
Gross Profit7.17M10.86M3.63M1.90M2.78M3.20M
EBITDA-4.18M-3.73M-7.18M-8.57M-10.88M-12.40M
Net Income-4.58M-3.82M-7.32M-8.81M-11.11M-13.27M
Balance Sheet
Total Assets17.39M17.39M20.09M15.32M17.75M28.31M
Cash, Cash Equivalents and Short-Term Investments3.11M3.61M7.61M7.49M5.13M14.53M
Total Debt529.14K392.63K322.85K284.14K154.12K286.33K
Total Liabilities6.63M6.16M5.34M2.51M1.92M1.62M
Stockholders Equity10.76M11.23M14.75M12.82M15.83M26.69M
Cash Flow
Free Cash Flow-3.62M-3.93M-3.74M-3.38M-11.62M-9.86M
Operating Cash Flow-3.48M-3.74M-3.73M-3.26M-11.61M-9.49M
Investing Cash Flow-169.48K-138.16K-2.19M-126.83K-914.20K411.90K
Financing Cash Flow1.81M-115.53K6.06M5.78M-118.28K14.16M

Nuchev Pty Ltd Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price0.12
Price Trends
50DMA
0.13
Negative
100DMA
0.14
Negative
200DMA
0.15
Negative
Market Momentum
MACD
>-0.01
Negative
RSI
52.72
Neutral
STOCH
34.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NUC, the sentiment is Neutral. The current price of 0.12 is below the 20-day moving average (MA) of 0.13, below the 50-day MA of 0.13, and below the 200-day MA of 0.15, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.72 is Neutral, neither overbought nor oversold. The STOCH value of 34.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:NUC.

Nuchev Pty Ltd Peers Comparison

Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
62
Neutral
$20.33B14.63-3.31%3.23%1.93%-12.26%
54
Neutral
AU$37.63M22.20-53.68%-15.07%29.45%
41
Neutral
AU$5.74M-0.92-92.72%39.53%49.99%
40
Underperform
AU$20.39M-2.06-41.69%102.21%69.47%
40
Underperform
AU$31.87M-0.3719.78%1.03%-52.56%
40
Underperform
AU$24.28M-5.27-19.17%13.92%36.28%
* Consumer Defensive Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:NUC
Nuchev Pty Ltd
0.13
-0.07
-35.00%
AU:NOU
Noumi Limited
0.12
-0.03
-17.86%
AU:AHF
Australian Dairy Nutritionals Group
0.03
-0.02
-44.00%
AU:WNX
Wellnex Life Ltd
0.08
-0.40
-82.92%
AU:MBH
Maggie Beer Holdings Ltd.
0.08
0.03
44.83%

Nuchev Pty Ltd Corporate Events

Nuchev Issues 767,442 Unquoted Share Rights Under Employee Incentive Plan
Mar 20, 2026

Nuchev Limited has notified the market of the issue of 767,442 unquoted share rights under its employee incentive scheme. The new securities, which are not intended to be quoted on the ASX, were issued on 16 March 2026 and reflect the company’s ongoing use of equity incentives to reward and retain staff, with potential dilution for existing shareholders if the rights vest and convert into ordinary shares.

The most recent analyst rating on (AU:NUC) stock is a Sell with a A$0.12 price target. To see the full list of analyst forecasts on Nuchev Pty Ltd stock, see the AU:NUC Stock Forecast page.

Nuchev shifts to full distribution model with H&S to boost margins and scale
Mar 3, 2026

Nuchev has entered a distribution agreement with H&S Global to expand its role across the Brauer, Skin Physics and Rapid Loss brands, shifting from an agency-style arrangement to a full distribution model. The move gives Nuchev greater control over brand execution, pricing and market development, while positioning it more deeply in attractive health, wellness and beauty segments.

Under the new structure, Nuchev will book gross sales and take responsibility for inventory and receivables for these brands, increasing working capital needs but improving margin capture and operating leverage as volumes scale. Management frames the change as a key step in its strategy to build a scalable commercial platform, support margin expansion and move the business toward sustainable profitability, reinforcing the company’s partnership with H&S and its broader growth ambitions.

The most recent analyst rating on (AU:NUC) stock is a Hold with a A$0.17 price target. To see the full list of analyst forecasts on Nuchev Pty Ltd stock, see the AU:NUC Stock Forecast page.

Nuchev Reaffirms Brand-Led Strategy in Half-Year Update
Feb 24, 2026

Nuchev Limited has reiterated its strategy of building trusted nutrition brands that families can rely on across multiple life stages, highlighting a disciplined focus on science-based product development and high product quality. The company underscored that consistent execution and responsible capital management are central to sustaining brand strength, driving repeat purchases and supporting long-term growth and value for stakeholders.

While specific financial figures for the half year to 31 December 2025 were not disclosed, the release positions Nuchev’s core pillars of brand trust, quality and execution as the key levers for future performance. This strategic emphasis is intended to reinforce the company’s market positioning in premium nutrition and signal a continued commitment to sustainable portfolio value in a competitive sector.

The most recent analyst rating on (AU:NUC) stock is a Sell with a A$0.12 price target. To see the full list of analyst forecasts on Nuchev Pty Ltd stock, see the AU:NUC Stock Forecast page.

Nuchev lifts revenue but widens loss as investment in goat milk nutrition growth continues
Feb 24, 2026

Nuchev reported a 12% rise in half-year revenue to $12.4 million and higher gross profit, driven mainly by its Australian retail channel and supported by practitioner and international markets, despite timing variability in shipments to Vietnam and China. Gross margin eased to 46.2% and EBITDA loss widened to $2.1 million as the company continued to invest in marketing, brand development and organisational capability, remaining debt-free with $3.1 million in cash and a focus on working capital discipline.

Management emphasised that the larger statutory net loss of $2.34 million reflects its deliberate investment phase and the operating scale needed to support future growth. The company is prioritising stronger execution across channels, improving revenue quality and portfolio mix, and advancing new product development to position the business for sustainable profitability and long-term expansion in its core goat milk nutrition markets.

The most recent analyst rating on (AU:NUC) stock is a Sell with a A$0.12 price target. To see the full list of analyst forecasts on Nuchev Pty Ltd stock, see the AU:NUC Stock Forecast page.

Nuchev Grows Revenue but Half-Year Loss Deepens as Asset Base Thins
Feb 24, 2026

Nuchev Limited has reported a 12% increase in revenue to $12.38 million for the half-year ended 31 December 2025, but its net loss after tax widened by 48.2% to $2.34 million, reflecting higher costs or investment outlays despite growing sales. The company did not declare any dividend for the period, and net tangible assets per share dropped from 6.17 cents to 4.29 cents year-on-year, indicating balance sheet pressure that may concern shareholders and highlight the need for improved profitability and capital efficiency.

The group’s net assets fell to $10.76 million while intangibles remained substantial at just over $4.09 million, underlining the importance of brand and other non-physical assets in its business model. With total shares on issue rising to 155.6 million and no changes in control of entities or new joint ventures, Nuchev’s latest half-year update points to a company still in a growth and investment phase, where sustained revenue gains will need to translate into earnings to strengthen investor confidence.

The most recent analyst rating on (AU:NUC) stock is a Sell with a A$0.12 price target. To see the full list of analyst forecasts on Nuchev Pty Ltd stock, see the AU:NUC Stock Forecast page.

Nuchev Balances Softer Practitioner and International Sales With Solid Oli6 Performance and Positive Cash Flow
Jan 30, 2026

Nuchev reported second-quarter FY26 group sales revenue of $5.3 million, down 19% quarter-on-quarter and 13% year-on-year, with steady performance in its core Oli6 retail business offset by a sharp 48% quarterly decline in practitioner-channel revenue amid softer trading conditions. Despite weaker international sales due to shipment timing and delayed launches, the company generated a net operating cash inflow of $0.8 million, ended the quarter with $3.1 million in cash and no debt, and highlighted new product development across both consumer and practitioner lines as a key driver for future portfolio expansion and scale in ANZ and overseas markets.

The most recent analyst rating on (AU:NUC) stock is a Hold with a A$0.13 price target. To see the full list of analyst forecasts on Nuchev Pty Ltd stock, see the AU:NUC Stock Forecast page.

Nuchev Director Increases Equity Stake via Incentive Plan Conversion
Jan 21, 2026

Nuchev Limited has disclosed a change in director Elizabeth Jean Smith’s interests following the exercise of unquoted share rights under the company’s Equity Incentive Plan, which was approved at the November 2024 AGM. Smith has received 278,750 ordinary shares in lieu of director fees valued at A$35,680, increasing her holding from no ordinary shares to 278,750, while her unquoted share rights decreased from 491,017 to 212,267, reflecting the vesting and conversion of incentives into equity and further aligning her interests with shareholders.

The most recent analyst rating on (AU:NUC) stock is a Hold with a A$0.12 price target. To see the full list of analyst forecasts on Nuchev Pty Ltd stock, see the AU:NUC Stock Forecast page.

Nuchev Director Increases Shareholding Through Equity Incentive Plan
Jan 21, 2026

Nuchev Limited has announced a change in the interests of director Craig Silbery, following the exercise of unquoted share rights under the company’s Equity Incentive Plan. Silbery acquired 474,746 ordinary shares on 22 January 2026 through the conversion of vested share rights issued in lieu of directors’ fees, increasing his direct holding to 5,560,116 ordinary shares while reducing his unquoted share rights to 350,990. The transaction, approved under the company’s previously endorsed incentive framework, further aligns the director’s remuneration with shareholder interests and reflects ongoing use of equity-based compensation at the company.

The most recent analyst rating on (AU:NUC) stock is a Hold with a A$0.12 price target. To see the full list of analyst forecasts on Nuchev Pty Ltd stock, see the AU:NUC Stock Forecast page.

Nuchev Director Increases Shareholding Through Equity Incentive Plan
Jan 21, 2026

Nuchev Limited has reported a change in director Ben Dingle’s interests following the exercise of unquoted share rights granted under the company’s Equity Incentive Plan in lieu of director fees. Dingle converted vested share rights valued at $61,325 into 479,102 ordinary shares, increasing his direct holding to 479,102 shares while maintaining an additional 37,853,680 shares held indirectly via 402339 Pty Ltd as trustee for the Whiti Trust, with the transaction occurring outside a closed period and reflecting ongoing alignment of director compensation with shareholder equity.

The most recent analyst rating on (AU:NUC) stock is a Hold with a A$0.12 price target. To see the full list of analyst forecasts on Nuchev Pty Ltd stock, see the AU:NUC Stock Forecast page.

Nuchev Issues 1.23 Million New Shares Under Cleansing Notice
Jan 21, 2026

Nuchev Limited has issued 1,232,598 fully paid ordinary shares without a prospectus under the Corporations Act’s disclosure exemptions, confirming that it remains compliant with its continuous and financial reporting obligations and that there is no undisclosed price-sensitive information requiring release. The cleansing notice supports secondary trading of the newly issued shares by assuring investors that the company’s disclosure record is current, thereby facilitating capital management while maintaining transparency for shareholders and the broader market.

The most recent analyst rating on (AU:NUC) stock is a Hold with a A$0.12 price target. To see the full list of analyst forecasts on Nuchev Pty Ltd stock, see the AU:NUC Stock Forecast page.

Nuchev Seeks ASX Quotation for 1.23 Million New Ordinary Shares
Jan 21, 2026

Nuchev Limited has applied to the ASX for quotation of 1,232,598 new ordinary fully paid shares, to be traded under its existing ticker NUC. The new securities, issued on 22 January 2026 following the exercise or conversion of existing options or convertible instruments, will increase the company’s free float and potentially enhance liquidity for shareholders, reflecting ongoing capital structure activity but without disclosing any broader strategic change in this notice.

The most recent analyst rating on (AU:NUC) stock is a Hold with a A$0.12 price target. To see the full list of analyst forecasts on Nuchev Pty Ltd stock, see the AU:NUC Stock Forecast page.

Nuchev Names Veteran Executive Matt Parker as Interim CFO
Dec 23, 2025

Nuchev Limited has appointed Matt Parker as Interim Chief Financial Officer for six months starting 6 January 2026, bringing more than 25 years of financial and commercial leadership across FMCG, healthcare, manufacturing, retail and civil construction, including previous CFO and company secretary roles at several ASX-listed companies. The appointment signals a strengthening of Nuchev’s financial leadership as it continues to grow its nutritional and wellness portfolio across Australia, New Zealand, China and Vietnam, potentially supporting tighter financial governance and execution during a period of ongoing expansion in highly competitive consumer and practitioner-focused markets.

The most recent analyst rating on (AU:NUC) stock is a Sell with a A$0.12 price target. To see the full list of analyst forecasts on Nuchev Pty Ltd stock, see the AU:NUC Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Mar 10, 2026